Von der Leyen comments on fiscal reform

European Union (EU) Commission President Ursula von der Leyen said that she expects the preparations for the reform of fiscal rules to be completed and approved by the end of the year. Von der Leyen met with Spanish Prime Minister Pedro Sanchez, who took over the EU presidency as of July 1, in Madrid and made a joint statement to the press. "The reforms of fiscal rules must be approved by the end of the year. This is a very important process and I am sure we will achieve this," said the EU Commission President, adding that Spain's presidency will also assist the process. The reform of fiscal rules, currently on the negotiation table in Brussels, aims to reduce countries' public debt levels in a realistic, gradual and sustainable manner. While public debt should be set at 0.5% to 3% of gross domestic product, it is suggested that the debt be gradually reduced over a period of up to 4 years. While there is also discussion of extending this period to 7 years, some countries, such as Germany, are cautious about this. EU Pact on Migration and Asylum On the other hand, it was reported that another issue discussed in the Sanchez-Von der Leyen meeting was the EU Pact on Migration and Asylum, which is expected to be ratified by the end of the year. Von der Leyen stated that she has full confidence that the early general elections to be held in Spain on July 23 will not affect the EU presidency process, and said that progress will be made within the Union on issues such as the Migration and Asylum Pact and the re-industrialization of the EU and support for Ukraine. Von der Leyen also touched on the climate change crisis, arguing that all extreme political parties, whether right or left, are constantly looking to the past and fearing the future. The EU Commission President said, "Climate change is a reality. We have a vision of how we will deal with it, how we will face its challenges, how we will also take advantage of opportunities such as new technologies and innovation, how we can grow and develop economically while reducing emissions, protecting the environment and nature, and showing all these possibilities."